Weekly Outlook for Nifty and major indices (October 17, 2016 - October 21, 2016)

DATE: 14/10/2016
WEEKLY OUTLOOK FOR
NIFTY AND
MAJOR INDICES
(17/10/2016 - 21/10/2016)
© EquityPandit Financial Services Pvt. Ltd. | www.equitypandit.com | info@equitypandit.com
Jagrut Shah Darpan Shah
Sr. Research Analyst Head - Research
EquityPandit Financial Services Pvt. Ltd.
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NIFTYPAGE 2
Nifty ended the week on negative note losing around 1.30%.
As we have mentioned last week that Support for the index lies in the zone of 8500 to 8550 from
where the index has bounced in the month of July - 2016 and August - 2016. The trend-line join-
ing the lows of March, April, May & June also coincides with the support zone of 8500. If the in-
dex manages to break this trend-line, the up-trend in which the index is moving since March will
be broken and we can see the index drifting lower. During the week the index manages to hit a
low of 8541 and close the week around the levels of 8583.
Support for the index lies in the zone of 8500 to 8550 from where the index has bounced in the
month of July - 2016 and August - 2016. The trend-line joining the lows of March, April, May &
June also coincides with the support zone of 8500. If the index manages to break this trend-line,
the up-trend in which the index is moving since March will be broken and we can see the index
drifting lower. If the index breaks below these levels on closing basis for couple of days then the
index can drift to the levels of 8350 and then 8000 levels can also be not ruled out.
Minor resistance for the index lies in the zone of 8650 to 8700. Resistance for the index lies in the
zone of 8810 to 8850 levels from where the index has broken down. If the index closes above
these levels then the index can move to the levels of 8900 to 8950 where the index has made a
top in the month of September - 2016.
Broad range for the week is seen from 8300 on downside to 8700 on upside.

Nifty Bank ended the week on negative note losing around 2.00%.
As we have mentioned last week that Support for the index lies in the zone of 19000 to 19100
from where the index has broken out of the 4 weeks of consolidation. The trend-line joining the
lows of March, April, May & June also coincides with the support zone of 19000. If the index
breaks below these levels and closes below these levels then the index will break the up-trend
started from March - 2016. During the week the index manages to hit a low of 18824 and close
the week around the levels of 19020.
Support for the index lies in the zone of 19000 to 19100 from where the index has broken out of
the 4 weeks of consolidation. The index has broken the trend-line joining the lows of March,
April, May & June also coincides with the support zone of 19000 to 19100. Minor support for the
index lies in the zone of 18700 to 18800 where medium term moving averages are lying. If the
index closes below these levels for couple of days then the index can drift to the levels of 17300
to 17500 where long term moving averages are lying.
Minor resistance for the index lies in the zone of 19300 to 19400. Resistance for the index lies in
the zone of 19700 to 19800 from where the index has broken down. If the index manages to
close above these levels then the index can move to the levels of 20200 to 20400 where the index
has made a top in the month of September - 2016.
Range for the week is seen from 18500 to 18600 on downside to 19200 to 19300 on upside.
NIFTY BANK

Nifty IT index ended the week on positive note gaining around 0.40%.
As we have mentioned last week that support for the index lies in the zone of 10000 to 10100
from where the index has bounced in the month of February - 2016. The index has seen a major
breakdown and no support is visible. If the index manages to close below these levels then the
index can drift to the levels of 9500 to 9600. During the week the index manages to hit a low of
10116 and close the week around the levels of 10229.
Support for the index lies in the zone of 10000 to 10100 from where the index has bounced in
the month of February - 2016. The index has seen a major breakdown and no support is visible.
If the index manages to close below these levels then the index can drift to the levels of 9500 to
9600.
Resistance for the index lies around 10500 to 10600 from where the index has broken down
from the double bottom pattern. If the index manages to close above these levels then the index
can move to the levels of 10900 to 11000 where long term moving averages are lying.
Broad range for the index in the coming week is seen from 9500 to 9600 on downside to 10500
to 10600 on upside.
NIFTY IT

Nifty FMCG index closed the week on negative note losing around 1.00%.
As we have mentioned last week that the index has closed around the medium term moving av-
erages lying at 21500. Support for the index lies in the zone of 21100 to 21300 from where the
index has broken out of the top of June - 2016. If the index manages to close below these levels
then the index can drift to the levels of 20500 where 200 Daily SMA is lying and trend-line join-
ing lows of March - 2016 and May - 2016 is lying. During the week the index manages to hit a low
of 21340 and close the week around the levels of 21423.
the top of June - 2016. If the index manages to close below these levels then the index can drift to
the levels of 20500 where 200 Daily SMA is lying and trend-line joining lows of March - 2016 and
May - 2016 is lying.
Minor resistance for the index lies in the zone of 21700 to 21900 from where the index has bro-
ken down from the lows of July - 2016 and August - 2016. If the index manages to close above
these levels then the index can move to the levels 22000 to 22100 where short term moving av-
erages are lying.
Broad range for the index in the coming week is seen from 20800 to 20900 on downside to
22100 to 22300 on upside.
NIFTY FMCG

Nifty PHARMA index closed the week on negative note losing around 0.90%.
As we have mentioned last week that support for the index lies in the zone of 11300 to 11400
where medium term and long term moving averages are lying. If the index manages to close be-
low these levels then the index can drift to the levels of 11100 to 11200 from where the index
has bounced in the month of August - 2016. During the week the index manages to hit a low of
11301 and close the week around the levels of 11380.
Support for the index lies in the zone of 11300 to 11400 where medium term and long term mov-
ing averages are lying. If the index manages to close below these levels then the index can drift to
the levels of 11100 to 11200 from where the index has bounced in the month of August - 2016. If
the index manages to break these levels on closing basis then the index can witness the correc-
tion to the levels of 10600 to 10800 from where the index has bounced in the month of June -
2016.
Resistance for the index lies in the zone of 11600 to 11700 where short term moving averages
are lying. If the index manages to close above these levels then the index can move to the levels
of 11900 to 12000 from where the index has sold off.
Broad range for the index is seen from 11100 to 11200 on downside to 11600 to 11700 on up-
side.
NIFTY PHARMA

Nifty AUTO index closed the week on negative note losing around 1.20%.
As we have mentioned last week that minor support for the index lies in the zone of 10060 to
10120. Support for the index lies in the zone of 9850 to 9900 where the index has broke out of
the top made in the month of August - 2016. If the index manages to close below these levels
then the index can drift to the levels of 9450 to 9500 from where the index has bounce couple of
times in the month of August - 2016. During the week the index manages to hit a low of 10116
and close the week around the levels of 10223.
Minor support for the index lies in the zone of 10060 to 10120. Support for the index lies in the
zone of 9850 to 9900 where the index has broke out of the top made in the month of August -
2016. If the index manages to close below these levels then the index can drift to the levels of
9450 to 9500 from where the index has bounce couple of times in the month of August - 2016.
the zone of 10500. As the index is trading at the all time highs, virtually no resistance is visible.
Broad range for the index is seen from 9850 to 9900 on downside to 10500 to 10600 on upside.
NIFTY AUTO

Nifty ENERGY index closed the week on negative note losing around 0.80%.
As we have mentioned last week that support for the index lies in the zone of 10000 from where
the index has broken out of the top formed in the month of September - 2016. If the index man-
ages to close below these levels then the index can drift to the levels of 9600 to 9700 where short
term moving averages are lying. During the week the index manages to hit a low of 9856 and
close the week around the levels of 10062.
the top formed in the month of September - 2016. If the index manages to close below these lev-
els then the index can drift to the levels of 9600 to 9700 where short term moving averages are
lying.
the zone of 10400 to 10500. If the index manages to close above these levels then the index can
move to the levels of 10700 where life time high for the index is lying.
Broad range for the index is seen between 9600 to 9700 on downside to 10400 to 10500 on up-
side.
NIFTY ENERGY

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Disclaimer:
The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities
mentioned. No representations can be made that the recommendations contained herein will be profitable or
that they will not result in losses. Readers using the information contained herein are solely responsible for
their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy
and completeness. Minimum amount mentioned here depends upon stock prices and market conditions and
will vary accordingly.

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